Confidence in the economy is growing as industries face another hurdle: navigating the post-virus business environment. While many still work from home, or have children in online learning, feeling confidence in the economy can be difficult because of the fundamental changes of our new normal. On the other hand, economists warn of a k-shaped recovery, but there is no denying strong momentum from sectors helping the economy boom.
Bolstered by jumps in hiring across the US and renewed confidence in containing the virus, companies quickest to pivot and adapt now have a competitive edge. Many are willing to jump right back into doing business and shake off the pandemic, but the public continues to expect safe, limited contact environments. Here are the five industries expected to boom post-pandemic:
An already massive part of the US economy, the healthcare industry has grown significantly in efforts to fight the pandemic. Our healthcare heroes have worked harder to grow and adapt to meet the demands in our hospitals, and that is just the tip of the iceberg. Nearly every part of healthcare, including supply chains, PPE, medicine, equipment, and resources, were affected.
So where is the continued growth in healthcare? First, it is the regular doctor and dentist visits that were canceled. Also included are those who stopped treatment for routine problems, long-term issues, or minor ailments. Visits to doctors may prove tough to schedule in the coming months. Additionally, technology has been at the forefront of healthcare and COVID-19 might have tipped it even further. Advancements like IoT-connected devices, predictive analytics, cloud adoption, and more robust telehealth are all moving healthcare.
Globally, manufacturing is shaken both by COVID-19 and unforeseen disruptions to supply chains, like the Suez Canal blockage by the ship Ever Given, affecting billions of dollars of goods. Countries continue to experience varying levels of outbreaks, in turn causing swings to demand in products. But on the bright side, swings in demand are getting more predictable and consumer confidence is building. PMI continues to see month-over-month increases indicating a positive direction in the economic trends of manufacturing. People are buying and consuming, and the buying hesitation of COVID-19 may be decreasing.
Hit-hard by the pandemic, the tourism industry is shaping up for a promising comeback. Countries are opening for tourism once again, but most tourists need to be vaccinated or provide a negative COVID-19 test result. Many places around the world are preparing for booms in tourism during the recovery. Tourism-dependent Arizona is experiencing a comeback so quickly, the state is experiencing labor shortages across the tourism and restaurant industries. Crowd-friendly environments and social distancing are still expectations of tourists, especially for concerts, events, and tradeshows.
Aviation has been very visible and an invaluable piece of our world infrastructure. Many watched the collapse of the industry last March, where employee furloughs and government bailouts made news nationwide. Today, airline stocks are starting to post gains, signaling a trend to normal operations. Companies like Delta Airlines are bringing back furloughed employees, proving a fast rebound and a return to normal operations. As more individuals become fully vaccinated, many will feel confident to fly more regularly, thus providing a boom. Business travelers still have not made it back to the skies, but will create even more demand when (or if) they start flying again.
Companies are pushing services online more than ever, causing more risk than ever. COVID-19 only accelerated this trend of services moving online. With such growth and investment in the digital space, it is no surprise cybersecurity investment is accelerating. During the pandemic, many companies faced rethinking their cyber strategies, budgeting, and technology—all while trying to move jobs remotely. As the digital landscape grows and companies push even more services online, expect to see this industry continue to grow and evolve.
Although the disruptions from the pandemic are real and continuous, these five industries show optimism for a strong economy. Looking for an expert to help you navigate your business during these unprecedented times? Contact us today.